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Banks serve the credit needs of all rural AmericansTotal farm bank assets more than $100 million per bank, according to ABA study
As the demand for farm credit rises, the banking industry continues to provide the majority of credit in the agricultural marketplace, according to the ABA Center for Agricultural & Rural Banking's annual "Farm Bank Performance" report. Banks continue to meet the credit needs of young, beginning, part-time and small farmers. The U.S. banking industry has almost $28.7 billion in small agricultural loans under $100,000 on its books. "Thanks to the banking industry, rural Americans enjoy unlimited opportunities to finance their farms, ranches, businesses, and homes," said John Blanchfield, director of the association's Center for Agricultural & Rural Banking. "Banks provide the broadest array of financial products and services to guarantee that rural Americans have access credit when they need it." The study, which surveyed the 2,362 farm banks in the United States, found: --Farm bank employment grew 3.1 percent to 73,429 and salaries and benefits expanded 7 percent to $3.65 billion. --Agricultural loans at farm banks grew 8 percent to $49.1 billion. --Farm banks hold nearly $18.7 billion in loans under $100,000 to small farmers and an additional $10.7 billion in loans between $100,000 and $250,000. --The 2,362 farm banks held approximately $237.3 billion in assets in 2006, up 7.3 percent from 2005. --Farm bank income, before taxes, totaled $3.4 billion, $104 million more than the amount earned in 2005. A full copy of the report is available online. 0 None None Date: 5/10/07
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